Closings of new homes slid year-over-year in March in the Hot Springs, AR market, sliding after a growth in February 2016. New home closings moved from 3 a year earlier to none after the figure moved from 1 in February 2015 to 2 in February 2016.
Last year, 3 of 150 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 157 total closings. For new and existing homes, closings rose year-over-year in March after also increasing in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings accounted for 28.7% of existing home closings, above 23.8% a year earlier. The percentage of existing home closings involving foreclosures went from 15.0% in March 2015 to 14.6% in March 2016 and REO closings as a percentage of existing home closings gained to 14.0% from 8.8%.